ADGM Signs Agreement On AML, CTF
by Lorys Charalambous, Lowtax.net, Cyprus
05 May, 2016
The Abu Dhabi Global Market (ADGM) has announced that its regulator, the Financial Services Regulatory Authority (FSRA), has signed a Memorandum of Understanding with the Anti-Money Laundering and Suspicious Cases Unit (AMLSCU) at the Central Bank of the United Arab Emirates.
Under the MoU, the two sides will cooperate in the area of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CTF) and related matters.
Both parties have committed to continuing their close cooperation through regular discussions on issues of mutual interest and coordinating AML/CTF training and technical assistance, the ADGM said.
"At ADGM, we are committed to upholding a robust regulatory framework and to working closely with the Central Bank of the UAE and other international regulators to combat money laundering and other financial transgressions. Close cooperation amongst fellow regulators are crucial as the world places a greater focus on preventing money laundering and terrorism financing," said Richard Teng, Chief Executive Officer of the FSRA.
The ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.
See all of today's news